IMF Lowers Projections for Egypt’s Real GDP Growth in FY2023/2024 to 3%Source: www.export-egypt.com 1/30/2024, Location: Africa |
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The International Monetary Fund (IMF) has downgraded its forecasts for Egypt’s real GDP growth in the current FY2023/2024 to three percent, down from the 3.6 percent it projected in October, according to the updated World Economic Outlook (WEO) report released.
The Fund has also lowered its projections for the country’s real GDP growth in the incoming FY2024/2025 to 4.7 percent, down from the five percent it projected in October, the WEO’s data showed. In October, the IMF raised its projections for Egypt’s real GDP growth in 2023 to 4.2 percent, up from the 3.7 percent it expected in July while lowering its forecast to 3.6 percent in 2024, down from the 4.1 percent it forecasted in July. An IMF mission is now in Egypt to discuss a possible additional financing package for the country that is suffering a severely challenging economic situation amid the repercussions of global and regional tensions. Egypt is currently experiencing harsh economic woes — mainly the severe shortage of the US dollar, the rising prices of staples and services, and the weak foreign direct investment (FDI) inflows. On a regional level, the report projected the real GDP growth of the Middle East and Central Asia to rise from an estimated two percent in 2023 to 2.9 percent in 2024 and 4.2 percent in 2025, with a downward revision of 0.5 percent for 2024 and an upward revision of 0.3 percent for 2025 compared to October’s projections. |
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